Payday Loans in Vaughan, North Carolina

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No payday loan companies in Vaughan, NC. Consider companies in other cities:

Company nameAddressZip codePhone number
PNC Bank 203 Washington St, Whiteville, NC 28472 +1 (910) 640 - 5400
Coastal Finance Co 1418 Aversboro Rd #101, Garner, NC 27529 +1 (919) 803 - 1256
Mid-East Acceptance Corporation 700 Church St, Ahoskie, NC 27910 +1 (252) 332 - 2331
Fort Sill National Bank 3030 N Main St, Hope Mills, NC 28348 +1 (580) 357 - 9880
Skyline National Bank 2900 S Hwy 127, Hickory, NC 28602 +1 (828) 578 - 7400
Uwharrie Bank 624 N Main St 0539, Oakboro, NC 28129 +1 (704) 485 - 3435
Cash America Pawn 2607 S Elm-Eugene St, Greensboro, NC 27406 +1 (336) 273 - 7119
First Citizens Bank 110 W Main St, Pilot Mountain, NC 27041 +1 (336) 368 - 4705
Premier Nationwide Lending - Lake Norman 19109 W Catawba Ave 206, Cornelius, NC 28031 +1 (704) 287 - 8444
Mariner Finance 1213 Dabney Dr, Henderson, NC 27536 +1 (252) 438 - 2009

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Vaughan, NC, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Matthews, NC, Payday Loans in Monroe, NC, Emergency Loan in Mooresville, NC, No Credit Check Loans in Raleigh, NC, Payday Loans in Rocky Mount, NC, Emergency Loan in Salisbury, NC, Payday Loan for Wake Forest, NC and Payday Loans in Wilmington, NC. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Vaughan, NC.

Are Payday Loans Legal In Vaughan, North Carolina?

Payday Lending is Prohibited in North Carolina

North Carolina Loan Regulations

Legal StatusProhibited
Interest Rate (APR, %)Prohibited
Maximum Loan AmountProhibited
Minimum Loan TermProhibited
Maximum Loan TermProhibited
Number of Rollovers AllowedProhibited
Finance ChargesProhibited

Vaughan, NC payday loan calculator

Payday Loans in Vaughan, North Carolina: Understanding the Ban and Exploring Alternatives

Payday loans have become a popular financial option for many individuals around the world. They provide a quick and easy solution when someone needs cash fast. However, each state in the United States has its own regulations on the payday loan industry.

If you live in Vaughan, North Carolina, you may be wondering whether payday loans are an option for you. Unfortunately, payday loans are illegal in North Carolina, according to the North Carolina General Statutes § 53-281 and the North Carolina Consumer Finance Act.

Why are Payday Loans Prohibited in North Carolina?

The state of North Carolina banned payday loans in 2001 after concerns were raised about the harmful effects that these types of loans can have on borrowers. Some of the main reasons behind the prohibition include:

  • High-Interest Rates: Payday lenders often charge extremely high-interest rates, which can trap borrowers into cycles of debt that are hard to escape.
  • Financial Burden: As these loans require large payments in short periods, they can be challenging for borrowers to repay, leading to additional financial burdens.
  • Misconduct: There have been numerous reports of payday lenders engaging in deceptive practices, such as charging fees and interest rates without disclosing them upfront.

The Alternatives to Payday Loans in Vaughan, North Carolina

Although payday loans are banned in North Carolina, there are still several alternative options for those looking to get quick cash. Some of the most popular alternatives include:

  • Credit Unions: Credit unions typically offer low-interest loans to their members. If you’re not already a member, joining one can be a great option for securing a low-interest loan.
  • Personal Loans: Personal loans are another popular alternative to payday loans. Many banks and online lenders offer personal loans with reasonable interest rates and flexible repayment options.
  • Friends and Family: If you have good relationships with friends or family members who are willing to lend you money, this can be a no-interest option to consider. However, it is essential to make sure that you can repay the loan on time and not let the relationship suffer.

Interesting Facts and Statistics about Payday Loans in Vaughan, North Carolina

  • Each year, payday lenders take in $8 billion in fees from borrowers across the United States.
  • In North Carolina, the typical interest rate for payday loans is 36%, which is the maximum allowed by law for other financial lenders as well.
  • In the United States, most payday loan borrowers take out an average of eight loans per year.

An Expert’s Opinion

We reached out to John, a financial expert from Vaughan for his opinion on why payday loans are banned in North Carolina and what alternatives people could try.

“Payday loans are infamous for high-interest rates, often starting at around 400% APR. There have been reports of individuals taking out loans of just a few hundred dollars and ending up in debt of over $10,000. Payday lenders were caught taking advantage of people with low credit scores and offering them loans at incredibly high rates. Payday loans often lead borrowers into a cycle of debt, often by forcing clients to borrow more to pay off existing loans. It’s no surprise that North Carolina banned payday loans to protect its citizens against the harmful consequences of these loans.”

Apply Now for an Alternative to Payday Loans with TheGuaranteedLoans

At TheGuaranteedLoans, we understand that there are situations where you may need immediate cash. While we do not offer payday loans directly, we can help you find an alternative loan that’s right for you. Our lender-matching service allows you to apply online and receive offers from multiple lenders, allowing you to compare fees and interest rates, so you can choose a loan that best fits your needs and budget.

Remember, when considering a loan, it’s essential to look at the fees and interest rates, as well as the overall terms of the loan to make sure you can repay it comfortably and without additional financial burden. Our application process is simple, fast, and secure. Visit our website and apply with TheGuaranteedLoans today!

F.A.Q.

Are payday loans legal in Vaughan, North Carolina?

No, payday loans are not legal in Vaughan, North Carolina. In fact, the state has some of the strictest laws in the country when it comes to payday lending, and it is one of only a few states that completely prohibits the practice.

What are the consequences of taking out a payday loan in Vaughan, North Carolina?

Taking out a payday loan in Vaughan, North Carolina is illegal, and violators can face significant penalties, including fines, jail time, and the revocation of their business license.